The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s notable collapse. He is currently focused on Share Ventures, a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the revolutionary concept of providing unlimited access to theaters for a monthly fee, revealed to Business Insider that Share Ventures has already raised nearly $20 million in funding with support from major backers such as Alphabet and Amazon. The new company is particularly targeting startups in the fields of future work and longevity.
Watt highlighted that the current landscape of venture capital, influenced by the rise of artificial intelligence and elevated interest rates, presents an opportunity for a unique business model. This has led Share Ventures to create its own software and develop complex language models to streamline its internal operations, as noted in the report.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the benefits of building companies from the ground up while leveraging advanced technology.
Watt noted that while many venture firms are investing in new technologies, they often do not fully integrate these innovations into their own processes. He believes that incorporating novel data and automation is a distinctive advantage for Share Ventures.
His passion for health and longevity stems from personal experience, as he lost his mother at a young age, which deeply affected his perspective on life and mortality.
Reflecting on his past experience with MoviePass, which he opened up about in the documentary “MoviePass, MovieCrash,” Watt expressed a drive to continue innovating despite previous setbacks. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.